‘It’s always a great time to be in the mortgage business’

by Ryan Smith29 Jun 2016
With jumbo loans coming back and steady growth in the game plan, it’s a great time to be in the mortgage industry, according to Rick Floyd, partner and executive vice president at HomeBridge Financial Services.

HomeBridge is an entrepreneurially owned mortgage banker licensed in 49 states. “We do retail, wholesale, we have our own servicing platform,” Floyd said. “We funded just shy of $9 billion in 2015. We’ve funded right at $4 billion dollars this year through May. It’s a good 50-50 mix of wholesale and retail.”

Floyd said HomeBridge has big plans to grow the business even more – but in a smart, sustainable way.

“We aspire to be the most recommended mortgage company in the country,” he said. “Our goal is good, quality, steady growth. We’re in acquisition mode; we’re currently looking at several companies to potentially acquire. It’s got to be the right DNA and the right fit, but we’re definitely in growth mode. A lot of companies are looking to get out of the business now, while we’re still young at heart from a standpoint of loving this business.

“It’s always a great time to be in the mortgage business,” Floyd added. “One thing at HomeBridge I think differentiates us is that we still love the mortgage business. It’s still fulfilling the American dream for the consumer. Like anything else, it has its challenges, but we’ve embraced them. There’s not a whole lot anybody can do about them, so you either complain about them or you move forward and embrace them. We feel very good about where we’re at in the mortgage space.”

One area where the market as a whole is seeing growth, Floyd said, is the once beleaguered jumbo space.

“The jumbo market, with real estate values climbing across the country, is obviously coming back. A lot of jumbo investors are getting more aggressively into the marketplace,” he said. “… A lot of niche products are coming back – stated-income, 24-month bank statement loans. A lot of that fits the jumbo arena, because a lot of jumbo borrowers are self-employed. With the lightening up of the underwriting guidelines in that arena, along with the increase in value, we’re seeing a lot of that jumbo business come back.”
 

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